1st Phase of Dry Digging in New Suez Canal to End in Three Weeks

//1st Phase of Dry Digging in New Suez Canal to End in Three Weeks

1st Phase of Dry Digging in New Suez Canal to End in Three Weeks

By | 2015-01-04T03:03:43+00:00 January 4th, 2015|Business|0 Comments

The digging rate after 145 days of work at the Suez Canal Development Project reached 169 million cubic meters on Thursday, said Chief of Staff of the Army’s Engineering Authority Major General Kamel el Wazir.

Speaking at a press conference, Wazir said the number of workers at the site of the new project hits 23,000 engineers, technicians and drivers.

He said that first phase of dry digging in the new Canal is expected to be completed 100% in 2-3 weeks.

The project aims at expanding the Suez Canal region’s role as a global, industrial, and logistics center that is environmentally balanced with an integrated economy.

It is also projected to become global hub due to its logistics and industrial services.

The project was funded through granting investment certificates to Egyptians with 12% returns, and in eight days, more than 60 billion pounds were collected.